Ann: Resources Rising Stars Gold Coast Conference Presentation, page-27

the valuation discrepancy is for 3 reasons - as i alluded to a few weeks ago

1- no 'diamond' sector - so no comparisons driving people to look at the stock as cheap or expensive relative to peers.
its a one of a kind on the ASX. demands a major company specific investor communication effort

2 - built a mine at a fraction of nameplate cost - but that means the asset value 'on the books' substantially understates its market value. So when deep value investors look through the annual report - the Net Tangible Asset value/share they calculate is a lot lower than it actually is

3- there's no clear line of sight on income vs outgoings. its horribly horribly obscured by the Lulo setup

eventually good results will usually turn the tide.